Is Higher the Level of Technological Innovation,Better the Financial Performance?——An Empirical Analysis of Patent Applications of the Listed Chinese Pharmaceutical Company
研究了制药企业技术创新水平（数量和质量）与财务绩效的关系，发现数量提升能增加销售和盈利，但质量影响更复杂，市场导向的创新效果更好，且中药企业更敏感。
Enterprise is the micro unit for technological innovation to promote economic growth.Patent application data can be used as alternative indicators for measuring technological innovation.Enterprise's level of technological innovation can be measured by two dimensions;quantity and quality.Enterprise with high quantity level of technological innovation can significandy increase sales and improve profitability.When it turns to the quality level,the relationship seems to be more complex.Technological innovation with strong market orientation can enhance competitiveness and profitability better than that with high content of science and technology. Moreover,pharmaceutical enterprises in traditional Chinese medicine are more sensitive to the quality level of technological innovation.